How to broaden the financing channels of enterprises

How to broaden the financing channels of enterprises

Guided by the District Financial Work Bureau and the District Science and Technology Commission, the roadshow of "Smart Investment" science and technology project sponsored by the District Financial Service Center was held in the North Bund. In order to implement the general tone requirements of the central government's "six stability and six guarantees" work, the following is how to broaden the financing channels for enterprises for your reference and hope to help friends in need.

How to broaden the financing channels of enterprises 1 Financing channels refer to the sources of funds to help enterprises, mainly including endogenous financing and exogenous financing, in which endogenous financing mainly refers to enterprises' own funds and funds accumulated during production and operation; Helping enterprises to finance is the external source of funds for enterprises, which mainly includes direct financing and indirect financing. The difference between direct financing and indirect financing mainly lies in whether there is a financing intermediary. Indirect financing means that the financing of enterprises is obtained through banks or non-bank financial institutions. Direct financing means that an enterprise obtains funds directly from the market or investors.

Careful investors will find that recently, in the bond retail market, some commercial banks have started new business. With the listing of China Development Bank bonds, government-backed institutional bonds such as policy bank bonds and railway bonds are also expected to become the new favorites of individual investors this year. In the future, "over-the-counter" bonds for enterprises and individuals will take a share in traditional financial management.

This is just a microcosm of the rich variety of the bond market. "According to the spirit of the new' National Nine Articles', developing diversified bond varieties will become an important starting point for the rapid development of the bond market." Lin [Weibo], chairman of Tianxiang Investment Consulting Company, said.

The "Several Opinions of the State Council on Further Promoting the Healthy Development of Capital Market" (the new "National Nine Articles") issued recently pointed out that actively developing the bond market, strengthening the credit constraints of the bond market, deepening the interconnection of the bond market and strengthening the supervision and coordination of the bond market will inject vitality into the bond market.

In recent years, the bond market in China has developed rapidly. By the end of 20 13, the balance of corporate credit bonds reached 9.2 trillion yuan. The variety of the bond market is changing with each passing day. Take credit bonds as an example. In the past, there were only a few kinds of financial institution bonds and general corporate bonds, but now there are many kinds of commercial bank bonds, subordinated bonds, securities corporate bonds, collective corporate bonds, general corporate bonds, private debt, general medium-term notes and so on 10. There are both ultra-short-term financing varieties suitable for high-rated state-owned enterprises and high-yield private debt suitable for direct financing of small and micro enterprises.

But in the current financing market, indirect financing is still the main force. Statistics on the scale of social financing released by the People's Bank of China [Weibo] recently show that in 20 13 years, the scale of social financing in China reached 17.29 trillion yuan, of which RMB (6.2329, 0.0057, 0.09%) loans reached 8.89 trillion yuan, accounting for 51.

"From the perspective of financing, the increase of corporate bonds means the increase of financing methods and financing channels. Especially for small and medium-sized enterprises, with the diversification of financing structure, the situation of relying only on a few channels such as loans in the past is expected to change with the variety of the bond market. " Shen Qi, chairman of China United Assets Appraisal Co., Ltd. said.

At present, there are still some problems, such as insufficient bond varieties, relatively divided market, imperfect credit restraint mechanism and imperfect default disposal mechanism.

"Fundamentally speaking, the bond market is one of the cornerstones of the entire capital market. To improve the multi-level capital market, we must first find the diversified bond needs of different investor groups in the bond issuance market and the bond trading market. " In Lin's view, China's current bond market is dominated by government and financial institution bonds, and there are relatively few corporate bonds involving the "protagonist" of economic activities. According to the statistics of China Securities Depository and Clearing Corporation, as of April this year, the issuance of government bonds was 409.67 billion yuan, the government bank bonds reached 965.438+07 billion yuan, and the issuance of corporate bonds was only 32 1090 billion yuan.

From the structure of bondholders, China's bond market has formed a unified hierarchical market system, including inter-bank market, exchange market and commercial bank counter market. The problem of multi-head supervision has caused disorder and inefficiency in the supervision of the bond market, and it is also necessary to deepen the interconnection of the bond market in accordance with the spirit of the new "National Nine Articles".

In this regard, Lin suggested that regulatory coordination requires the government to establish a unified service platform for trading, listing, custody, registration, payment and settlement, and achieve coordinated communication through the bond market platform to provide professional services for investors and corporate bond issuers.

Zhao Xijun, deputy dean of the School of Finance and Finance of China Renmin University, agreed. He said that at present, the credit evaluation data of SMEs in China is not perfect. For investors, it is also necessary to fully understand the credit status of enterprises, the use and recovery of funds, the ability to repay debts and interest, etc., and build a unified credit sharing platform in the bond market.

12 common financing methods for SMEs

1, comprehensive credit line

In other words, banks grant certain credit lines to some enterprises with good operating conditions and reliable credit, and enterprises can recycle them within the validity period and credit line. The comprehensive credit line shall be declared by the enterprise at one time and approved by the bank at one time. Enterprises can use this money by stages according to their own operating conditions, and enterprise loans are very convenient and save financing costs. Banks provide loans in this way, generally for enterprises in industrial and commercial registration that have passed the annual inspection, are well-run, have a reliable reputation and have long-term cooperative relations with banks.

2. Credit guarantee loan

At present, there are 3 1 provinces and cities in China, and more than 100 cities have established credit guarantee institutions for SMEs. Most of these institutions implement the form of membership management, which belongs to public service, industry self-discipline and self-non-profit organizations. The sources of guarantee funds are generally composed of local financial allocations, member funds voluntarily paid by members, funds raised by the society and funds from commercial banks. When a member enterprise lends money to a bank, it can be guaranteed by a small and medium-sized enterprise guarantee institution. In addition, SMEs can also seek guarantee services from guarantee companies specializing in intermediary services. When the enterprise cannot provide the guarantee measures acceptable to the bank, such as mortgage, pledge or third-party credit guarantor, the guarantee company can solve these problems. Because compared with banks, guarantee companies have more flexible requirements for collateral. Of course, in order to protect their own interests, guarantee companies often require enterprises to provide counter-guarantee measures, and sometimes guarantee companies will send personnel to enterprises to monitor the flow of funds.

3. Buyer's loan

If an enterprise has a reliable market for its products, but its own capital is insufficient and its financial management foundation is poor, and it is difficult to provide collateral or seek third-party guarantee, the bank can provide loan support to the buyers of its products according to the sales contract. The seller can collect a certain proportion of advance payment from the buyer to solve the financial difficulties in the production process. Or the buyer issues a bank acceptance bill, and the seller takes the bill to the bank for discount.

4. Joint cooperative loans in different places

Some small and medium-sized enterprises sell a wide range of products, or provide supporting parts for some large enterprises, or are loose subsidiaries of enterprise groups. In the process of producing cooperative products, it is necessary to supplement production funds. You can find a big bank to provide loans to the group company in a unified way, and then the group company will provide the necessary funds to the cooperative enterprise, and the local banks will cooperate to supervise the contract. It can also be jointly provided by the lead bank and the cooperative enterprise's banks in different places to provide loans respectively.

5. Project development loans

Some high-tech small and medium-sized enterprises can apply for project development loans from banks if they have major scientific and technological achievements transformation projects. The initial investment is relatively large and their own funds are unbearable. Commercial banks will give active credit support to small and medium-sized enterprises with high-tech products or patent projects with mature technology and good market prospects, as well as small and medium-sized enterprises that use high-tech achievements to carry out technological transformation, so as to promote enterprises to accelerate the transformation of scientific and technological achievements. For high-tech small and medium-sized enterprises that have established stable project development relations with universities and scientific research institutions or have their own research departments, banks can provide project development loans in addition to working capital loans.

6. Export loans

For enterprises that produce export products, banks can provide packaged loans according to export contracts or credit visas provided by importers. Enterprises with cash accounts can provide foreign exchange mortgage loans. Enterprises with foreign exchange income sources can obtain RMB loans with proof of foreign exchange settlement. Enterprises with good export prospects can also borrow a certain amount of technical transformation loans.

7. Loans guaranteed by natural persons

In August, 2002, China Industrial and Commercial Bank took the lead in launching the secured loan business for natural persons. In the future, when domestic institutions of China Industrial and Commercial Bank handle the credit business of small and medium-sized enterprises with a term of less than 3 years, natural persons can provide property guarantee and bear the liability for compensation. Natural person guarantee can take three ways: mortgage, pledge of rights and mortgage plus guarantee. Property that can be mortgaged includes personal property, land use right and means of transportation. Personal property that can be pledged includes savings deposit certificates, voucher-type government bonds and registered financial bonds. Mortgage plus guarantee refers to the joint liability guarantee of the mortgagor on the basis of property mortgage. If the borrower fails to repay all the principal and interest of the loan on schedule or commits other breach of contract, the bank will require the guarantor to fulfill the guarantee obligation.

8. Personal entrusted loans

Commercial banks such as China Construction Bank, Minsheng Bank and CITIC Industrial Bank have successively launched a new type of financing business-personal entrusted loans. That is, a loan that is entrusted by an individual to provide funds and issued, supervised, used and assisted by a commercial bank according to the loan object, purpose, amount, term and interest rate determined by the client. The basic procedures for handling personal entrusted loans are:

1. The principal applies for a loan from the bank.

2. The bank selects and matches according to the conditions and requirements of both parties, and recommends them to the entrusting party and the borrower respectively.

3. The client and the borrower meet directly to negotiate and make a decision on specific matters and details such as loan amount, interest rate, loan term and repayment method.

4. After the borrower and lender negotiate the requirements, they go to the bank together and sign the entrustment agreement with the bank respectively.

5. The bank investigates the borrower's credit status and repayment ability and issues an investigation report, and then the borrower and the borrower sign a loan contract and issue the loan after approval by the bank.

9. Loans secured by intangible assets

According to the relevant provisions of the Guarantee Law of People's Republic of China (PRC), intangible assets such as trademark exclusive right, patent right and property right in copyright that can be transferred according to law can be used as loan pledge.

10, bill discount financing

Bill discount financing means that the holder transfers the commercial bill to the bank and obtains the funds after deducting the discount interest. In China, commercial paper mainly refers to bank acceptance bills and commercial acceptance bills. One advantage of this financing method is that banks do not lend money according to the asset size of enterprises, but according to market conditions (sales contracts). When an enterprise receives a bill, it usually takes as little as tens of days and as much as 300 days until the bill is cashed, during which time the funds are idle. If enterprises can make full use of bill discount financing, it is much simpler than applying for loans, and the financing cost is very low. Discounting bills can only be done in the bank with the corresponding bills, which can generally be completed within three working days. For enterprises, this is "using tomorrow's money to earn the money the day after tomorrow", which is worthy of extensive and active use by small and medium-sized enterprises.

1 1, finance lease

Financial leasing has become the second largest financing method of equipment investment in developed countries after bank credit. Financial leasing is a new financing method integrating credit, transaction and leasing, which is characterized by the separation of ownership and use right of the leased property. After equipment users take a fancy to a certain equipment, they can entrust a financial leasing company to buy it, and then deliver the equipment to the enterprise in the form of leasing. The enterprise pays the rent within the contract period and finally owns the ownership of the equipment. Through financial leasing, enterprises can obtain the required advanced technology and equipment with a small amount of funds, and they can also pay back the rent while producing. For enterprises lacking funds, financial leasing is a good way to accelerate investment and expand production. For some enterprises with overstocked products, financial leasing is a good means to promote sales and expand the market.

12, pawn financing

Pawn is a kind of financing method that takes physical objects as collateral and obtains temporary loans in the form of physical object ownership transfer. Compared with bank loans, pawn loans have high cost and small loan scale, but pawn also has incomparable advantages over bank loans. First of all, compared with the bank's almost harsh requirements for the borrower's credit conditions, the pawnshop's credit requirements for customers are almost zero, and the pawnshop only pays attention to whether the pawned items are genuine. Moreover, general commercial banks only pledge real estate, while pawn shops can pledge both movable property and real estate. Secondly, the starting point of pawn items in pawn shops is low, and items of 1000 yuan and 100 yuan can be pawned. Contrary to banks, pawn shops pay more attention to serving individual customers and small and medium-sized enterprises. Third, compared with the complicated procedures and long approval cycle of bank loans, the procedures of pawn loans are very simple and most of them are desirable. Even property mortgage is much more convenient than bank. Fourth, when a customer borrows money from a bank, the purpose of the loan cannot exceed the scope stipulated by the bank. Pawnshops, on the other hand, don't ask about the purpose of loans, and the money is very free to use. Repeatedly, the utilization rate of funds has been greatly improved.

How to broaden the financing channels of enterprises At the present stage in China, because of the single financing channel and relatively high financing cost, we know little about the financing tools available at present, which affects the financing needs of Chinese enterprises, creates the bottleneck of financing in the process of their production and operation development, and is also an important reason for the current financing situation in China.

The basic elements of enterprise market economy in China are an important guarantee for stabilizing economic growth, relieving employment pressure of enterprises, optimizing economic structure and promoting technological innovation. Its financing problem is an important structural problem, and it is also the result of the interaction between internal factors of enterprises and various factors of financial system. This paper will start with the financing channels and financing methods of enterprises, make an in-depth exploration of the financing system in China's economic development, think about the financial system of various industries in China, innovate the traditional financing environment and status quo, explore different financing channels, strengthen the formulation of financing methods, and build enterprise security support.

First, the financing channels of China enterprises

(A) China enterprises' financing channels can help enterprises find sources of funds and meet the necessary funds in the process of production and operation, which is a process of capital accumulation. There are two sources of funds for enterprises: internal financing and external financing. With the technological progress of enterprises and the continuous expansion of the production and operation scale of enterprises, it is impossible to meet the needs of enterprises only by relying on their own funds, so external financing of enterprises has become an important way for Chinese enterprises to obtain the funds they need.

(2) The financing channels of China enterprises can be divided into internal channels and external channels according to their sources of funds.

1. Internal financing channels of enterprises: sources of funds obtained from their enterprises, including three aspects: enterprises' own funds (interest, principal, unused and undistributed funds of enterprises). Under normal circumstances, enterprises will choose this method, because there is no need to borrow money from outside, and the required cost and risk are relatively small. The amount of funds is directly related to the profits of enterprises.

2. External financing channels of enterprises: it is the way for enterprises to raise funds from the outside, mainly including loans from specialized banks, financial institutions or non-financial institutions, as well as loans from private enterprises, foreign-funded enterprises and other enterprises. Its characteristics are: fast financing speed, great flexibility and large amount of funds raised. Therefore, the cost of external financing of enterprises in China is higher than that of self-financing, the risk will increase, and the confidentiality of enterprises is poor.

Second, the financing methods of enterprises in China

(1) The financing methods of enterprises in China are also the financing channels of enterprises, which can be divided into debt financing and equity financing.

1. Corporate debt financing: refers to loans from banks, bonds issued to the market, notes payable, accounts payable, etc. For the debt financing of an enterprise, its liabilities need to be repaid with principal and interest regularly, and it has no decision-making power over funds, and its creditors do not participate in the daily business decisions of the enterprise.

2. Enterprise equity financing: it is the stock financing issued by the enterprise, which constitutes its own funds. Investors in enterprises have the right to participate in decision-making and receive dividends from the operation of enterprises.

(2) The external financing cost of the enterprise is mainly interest liabilities, which can offset the profits of the enterprise and reduce the tax base of the enterprise, while the enterprise dividend payable cannot. Therefore, the tax burden of enterprise equity financing is heavier than that of borrowing, and the tax burden of borrowing will be heavier than that of bonds; Self-financing of enterprises does not need interest and other expenses, so the lightest tax burden of enterprises is the way of self-financing of enterprises.

Third, China's financing channels, structure and methods

(A) the status of financing channels in China. China enterprises have made the opposite choice with western countries in debt financing and equity financing. In western enterprises, their financial markets have formed a perfect system. Under this system, there is a clear gap in financing methods. Their financing starts from internal financing and then relies on external financing (mainly bank loans and bonds). China, on the other hand, generally focuses on equity financing, sets loose terms and finally obtains equity capital.

(2) Analysis of the sources and structure of corporate funds in China. We should fully understand the current situation of capital sources and structure of enterprises in China. In China's current formal financial statistics, there are few statistics on enterprise scale and enterprise credit classification. Therefore, the data of enterprises can only be combined with the overall data of the whole country and the data of some regions for investigation and study, and finally the financing situation of enterprises in China can be described accordingly.

(3) The financing structure of enterprises in China. The financing structure of enterprises in China has a high debt ratio, and the financing gap is mainly short of short-term funds, while the access to medium and long-term loans is relatively poor. Many enterprises did not participate in credit rating. For the participating enterprises, the overall credit rating of the enterprise is not bad. These credit ratings can help enterprises get the loan projects they need.

Four, China enterprises financing countermeasures and suggestions.

China enterprise financing should be solved from two aspects:

(1) Micro-financing countermeasures for enterprises: strengthen quality of enterprise in China, get rid of the financing dilemma completely, improve their own quality, improve the operating mechanism, improve the system, absorb the operating strategy and experience, establish a modern enterprise system, speed up the technological update, improve the credit system, cultivate loan guarantees, publicize the credit concept and establish a credit evaluation system; Standardize the financial system of China enterprises, repay the principal and interest in time and establish a good corporate image; Maintain a reasonable loan level, formulate accounts receivable management system, and expand various financing channels.

(B) Macro-financing countermeasures for enterprises: enterprises are the active subject of the generalized market economy, the carrier to solve the employment problem, and the economic growth point of China's economic development. Stable operation must be supported by enterprise law to help enterprises survive and develop. First of all, we should give financial support, provide financial services, increase policy support, formulate strong financial policies, open financial markets, and actively develop venture capital; Secondly, it is necessary to give financial support, establish enterprise development reserve, charge reasonable fees for some specific matters, and reduce corporate tax burden; Finally, policy support, including loans, financial subsidies, information exchange and so on.

(3) Corporate financing environment: including legal environment. According to the market experience and the actual situation in China, enterprises use laws to regulate their behavior. Governments at all levels should proceed from reality, actively improve the business environment of enterprises, popularize enterprise promotion laws, abolish laws and regulations that are not suitable for enterprise development, reduce the burden on enterprises, and put enterprises on the track of legalization; In terms of enterprise service environment, the CBRC issued relevant policies, improved the banking mechanism, created a fair and reasonable market competition environment, strengthened enterprise financial services and improved the enterprise service system.

When China needs funds for development, financing is a very effective way, and the financing method of enterprises is also one of the keys to its success. This paper has certain significance for solving the financing channels and capital problems of Chinese enterprises, and the financing problem has become the primary problem in the process of the establishment and development of Chinese enterprises. At present, China's economic structure is being adjusted, so it is necessary to choose financing methods suitable for its own development, improve its own credit, enhance its credit awareness, improve its own financing methods, cultivate the normal economic relationship between the financial market mechanism of enterprises and the government, and solve the financing "capital bottleneck" problem in enterprise development, so as to further develop enterprises healthily.

How to broaden the financing channels of enterprises 3 At present, the financing channels of domestic entrepreneurs are relatively simple, mainly relying on financial institutions such as banks. In fact, venture financing should be multi-pronged, and never hang yourself on a tree, so the more the better.

Channel 1: bank loan

Bank loan is called the "reservoir" of risk financing. Because banks have strong financial resources and most of them have government background, they have a "mass base" among entrepreneurs. Judging from the current situation, there are four types of bank loans:

1. Mortgage loan refers to the loan method in which the borrower provides certain property to the bank as credit collateral.

2. Credit loan refers to the loan issued by the bank only based on the trust in the borrower's credit status, and the borrower does not need to provide collateral to the bank.

3, secured loans, refers to the guarantor's credit as a guarantee and loans.

4. Discounted loans refer to five financing channels in which borrowers are in urgent need of funds at the initial stage of their business, and apply to the bank for discount with unexpired bills to finance funds.

Channel 2: Venture Capital

In the eyes of many people, venture capitalists have a magical "money bag" in their hands. The money falling out of that "money bag" can make entrepreneurs sit on Aladdin's "God carpet" and soar to the sky. However, venture capital is a high-risk and high-return investment. Venture capitalists enter start-ups in the form of equity participation. In order to reduce the risk, they will withdraw from the investment after realizing the value-added purpose, and will not be tied to the start-ups forever. In addition, venture capital favors high-tech startups.

Channel 3: Private capital

With the encouragement and guidance of China government to private investment and the improvement of national economy marketization, private capital has gained more and more development space. At present, China's private investment is no longer limited to the traditional manufacturing and service industries, but has blossomed in infrastructure, science, education, culture and health, finance and insurance, which is undoubtedly good news for entrepreneurs who are worried about finding money. Moreover, the investment operation procedure of private capital is relatively simple, the financing speed is fast and the threshold is low.

Channel 4: Venture Financing Treasure

Venture financing treasure refers to providing much-needed venture start-up, operation and operation funds for entrepreneurs in the form of pledge (mortgage) with their own legal property or other people's legal property under the permission of relevant laws and regulations. The financing project is mainly aimed at "4050 people" and social youth groups who want to start a business. In the early stage of starting a business, they invest through five financing channels. The procedures for handling venture financing treasure are relatively simple. Entrepreneurs can apply for loans as long as they have assets. The longest loan period is half a year, and there are a wide range of items that can be used as collateral, including real estate, bulk materials, securities, motor vehicles, watches, etc., all of which are above 300 yuan.

Channel 5: financial leasing

Financial leasing is a kind of credit method with the direct purpose of financing. On the surface, it is a loan, but in essence, it is repaid by installments through rent. This financing method has the following advantages: it does not occupy the bank credit line of start-ups, entrepreneurs do not need to invest heavily in equipment, and they can use the equipment after paying the first rent, thus transferring funds to the places where money is most needed.

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